The stock rose as much as 16 percent to 33.50 kronor, its
highest level since Aug. 1, 2011. Karolinska traded 10 percent
higher at 32 kronor at 10:51 a.m. Swedish time, giving the
company a market value of 1.55 billion kronor ($239 million).

Axelar, which is part of Karolinska’s portfolio of
companies, said the mid-stage study of drug candidate AXL1717
showed efficacy in treatment of non-small cell lung-cancer
patients. The company now has sufficient data to continue to
develop the drug and reduce the number of patients in the final
trial, according to a statement today. Karolinska will seek a
partner for the project after the mid-stage study.

“We are in talks with several potential partners,”
Karolinska Development Chief Executive Officer Torbjorn Bjerke
said in a telephone interview from the U.S. today. “We think
the data we presented today is very positive.”

AXL1717 has the potential to become an important part of
future treatment options available to clinicians as well as a
valuable asset for Karolinska, the company said. It currently
has 97 patients enrolled, almost all of the 100 needed for the
AXL1717 study, compared with the 140 previously planned.